John Mills should have a big smile on his face. The businessman, economist and Labour donor has, after all, got his way: he has spent years advocating for a weaker pound, and here we are, not long after sterling fell to a historic low against the dollar, tucking into chicken pies at a crowded restaurant in Holborn while the new Conservative government flops about trying to coax the pound back up again. Mills, though, is impassive. Isn’t he happy?
He shakes his head. “They haven’t done it through a deliberate policy, by any stretch of the imagination. It just happened,” he says. “And you know the plan will be to get it back up again. But the problem is that the more they get it back up again, the less it becomes profitable to invest in the manufacturing industry in the UK, and the worse the underlying problem becomes.”
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